82 FR 2443 - Notice and Request for Public Comment

DEPARTMENT OF THE TREASURY
Community Development Financial Institutions Fund

Federal Register Volume 82, Issue 5 (January 9, 2017)

Page Range		2443-2444
FR Document		2017-00141

The U.S. Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, 44 U.S.C. 3506(c)(2)(A). Currently, the Community Development Financial Institutions Fund (CDFI Fund), U.S. Department of the Treasury, is soliciting comments concerning the New Markets Tax Credit Program (NMTC Program) Allocation Application.

Federal Register, Volume 82 Issue 5 (Monday, January 9, 2017)

[Federal Register Volume 82, Number 5 (Monday, January 9, 2017)]
[Notices]
[Pages 2443-2444]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-00141]


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DEPARTMENT OF THE TREASURY

Community Development Financial Institutions Fund


Notice and Request for Public Comment

    Announcement Type: Notice and Request for Public Comment.

SUMMARY: The U.S. Department of the Treasury, as part of its continuing 
effort to reduce paperwork and respondent burden, invites the general 
public and other Federal agencies to take this opportunity to comment 
on proposed and/or continuing information collections, as required by 
the Paperwork Reduction Act of 1995, 44 U.S.C. 3506(c)(2)(A). 
Currently, the Community Development Financial Institutions Fund (CDFI 
Fund), U.S. Department of the Treasury, is soliciting comments 
concerning the New Markets Tax Credit Program (NMTC Program) Allocation 
Application.

DATES: Written comments must be received on or before March 10, 2017 to 
be assured of consideration.

ADDRESSES: Submit your comments via email to Robert Ibanez, NMTC 
Program Manager, CDFI Fund, at [email protected].

FOR FURTHER INFORMATION CONTACT: Robert Ibanez, NMTC Program Manager, 
CDFI Fund, U.S. Department of the Treasury, 1500 Pennsylvania Avenue 
NW., Washington, DC 20220. The NMTC Allocation Application may be 
obtained from the CDFI Fund's Web site at http://www.cdfifund.gov/nmtc. 
Other information regarding the CDFI Fund and its programs may be 
obtained through the CDFI Fund's Web site at http://www.cdfifund.gov.

SUPPLEMENTARY INFORMATION: 
    Title: NMTC Program Allocation Application.
    OMB Number: 1559-0016.
    Abstract: Title I, subtitle C, section 121 of the Community Renewal 
Tax Relief Act of 2000 (the Act) amended the Internal Revenue Code 
(IRC) by adding IRC Sec.  45D and created the NMTC Program. The 
Department of the Treasury, through the CDFI Fund, Internal Revenue 
Service, and Office of Tax Policy, administers the NMTC Program. In 
order to claim the NMTC, tax payers make Qualified Equity Investments 
(QEIs) in Community Development Entities (CDEs) and substantially all 
of the QEI proceeds must, in turn, be used by the CDE to provide 
investments in businesses and real estate developments in low-income 
communities and other purposes authorized under the statute.
    The tax credit provided to the investor totals 39 percent of the 
amount of the investment and is claimed over a seven-year period. In 
each of the first three years, the investor receives a credit equal to 
five percent of the total amount paid for the stock or capital interest 
at the time of purchase. For the final four years, the value of the 
credit is six percent annually. Investors may not redeem their 
investments in CDEs prior to the conclusion of the seven-year period 
without forfeiting any credit amounts they have received.
    The CDFI Fund is responsible for certifying organizations as CDEs, 
and administering the competitive allocation of tax credit authority to 
CDEs, which it does through annual allocation rounds. As part of the 
award selection process, CDEs are required to prepare and submit an 
Allocation Application, which consists of five key sections: Business 
Strategy; Community Outcomes; Organization Capacity; Capitalization 
Strategy; and Previous Allocations and Awards. This request for public 
comment seeks to gather information on the NMTC Allocation Application.
    Type of Review: Regular Review.
    Affected Public: CDEs applying for allocations of New Markets Tax 
Credits.
    Estimated Number of Respondents: 310.
    Estimated Annual Time per Respondent: 263.

[[Page 2444]]

    Estimated Total Annual Burden Hours: 81,530.
    Requests for Comments: Comments submitted in response to this 
notice will be summarized and/or included in the request for Office of 
Management and Budget approval. All comments will become a matter of 
public record and may be published on the Fund Web site at http://www.cdfifund.gov. Comments are invited on: (a) Whether the collection 
of information is necessary for the proper performance of the functions 
of the agency, including whether the information shall have practical 
utility; (b) the accuracy of the agency's estimate of the burden of the 
collection of information; (c) ways to enhance the quality, utility, 
and clarity of the information to be collected; (d) ways to minimize 
the burden of the collection of information on respondents, including 
through the use of technology; and (e) estimates of capital or start-up 
costs and costs of operation, maintenance, and purchase of services 
required to provide information.

    Authority:  26 U.S.C. 45D; 26 CFR 1. 45D-1.

Mary Ann Donovan,
Director, Community Development Financial Institutions Fund.
[FR Doc. 2017-00141 Filed 1-6-17; 8:45 am]
 BILLING CODE 4810-70-P

Federal Register / Vol. 82, No. 5 / Monday, January 9, 2017 / Notices 2443

this document, collectively, as In addition to the changes TTB made Treasury, 1500 Pennsylvania Avenue
‘‘importers’’). to the Filing Instructions due to the NW., Washington, DC 20220. The
Notice No. 156 also announced the experience gained through the pilot NMTC Allocation Application may be
availability of, and requested comment program, TTB has also updated the obtained from the CDFI Fund’s Web site
on, a draft of the ACE Filing Instructions Filing Instructions to reflect the at http://www.cdfifund.gov/nmtc. Other
for TTB-Regulated Commodities (Filing regulatory changes made in T.D. TTB– information regarding the CDFI Fund
Instructions), which contains 145. The latest version of the Filing and its programs may be obtained
instructions for proper electronic filing Instructions can be found on https:// through the CDFI Fund’s Web site at
of import data for TTB-regulated www.cbp.gov by searching for its title. http://www.cdfifund.gov.
commodities. TTB requested comment TTB notes that transmissions to ACE SUPPLEMENTARY INFORMATION:
on the draft Filing Instructions for 60 must be through a CBP-approved Title: NMTC Program Allocation
days ending October 6, 2015. TTB electronic data interchange system. For Application.
received no written comments by that more information on submission of OMB Number: 1559–0016.
date. However, TTB’s experience import-related information and forms Abstract: Title I, subtitle C, section
administering the pilot program led us through ACE, please see CBP’s home 121 of the Community Renewal Tax
to make several changes to the Filing page on use of ACE at https:// Relief Act of 2000 (the Act) amended
Instructions. www.cbp.gov/trade/automated. the Internal Revenue Code (IRC) by
In Industry Circular 2015–01, issued For more general information on adding IRC § 45D and created the NMTC
on October 21, 2015, TTB described TTB’s implementation of ITDS, see Program. The Department of the
how importers participating in the pilot https://www.ttb.gov/importers/learn- Treasury, through the CDFI Fund,
program would submit specific more-itds.shtml. Internal Revenue Service, and Office of
information through ACE, either as an Drafting Information Tax Policy, administers the NMTC
approved alternative to procedures Program. In order to claim the NMTC,
prescribed in the TTB regulations or as Andrew Malone of the Regulations
tax payers make Qualified Equity
a means to fulfill or demonstrate and Rulings Division drafted this notice.
Investments (QEIs) in Community
compliance with regulatory Signed: January 3, 2017. Development Entities (CDEs) and
requirements. At the time, most TTB John J. Manfreda, substantially all of the QEI proceeds
regulations that required the submission Administrator. must, in turn, be used by the CDE to
of information to CBP at importation [FR Doc. 2017–00083 Filed 1–6–17; 8:45 am] provide investments in businesses and
required importers to submit paper BILLING CODE 4810–31–P real estate developments in low-income
documents or paper copies of those communities and other purposes
documents to CBP. Industry Circular authorized under the statute.
2015–01 also provided specific DEPARTMENT OF THE TREASURY The tax credit provided to the
information about how to apply to investor totals 39 percent of the amount
participate in the pilot program. Community Development Financial of the investment and is claimed over a
In T.D. TTB–145, a final rule Institutions Fund seven-year period. In each of the first
published in the Federal Register on three years, the investor receives a
December 22, 2016 (81 FR 94186), and Notice and Request for Public credit equal to five percent of the total
effective December 31, 2016, TTB Comment amount paid for the stock or capital
amended its regulations to clarify and Announcement Type: Notice and interest at the time of purchase. For the
streamline import procedures, and Request for Public Comment. final four years, the value of the credit
support the implementation of ITDS and SUMMARY: The U.S. Department of the is six percent annually. Investors may
the filing of import information Treasury, as part of its continuing effort not redeem their investments in CDEs
electronically. The amendments include to reduce paperwork and respondent prior to the conclusion of the seven-year
providing the option for importers to burden, invites the general public and period without forfeiting any credit
file import-related data electronically other Federal agencies to take this amounts they have received.
when filing entry or entry summary data opportunity to comment on proposed The CDFI Fund is responsible for
electronically with CBP. As a result, as and/or continuing information certifying organizations as CDEs, and
of December 31, 2016, the TTB collections, as required by the administering the competitive allocation
regulations provide all TTB-regulated Paperwork Reduction Act of 1995, 44 of tax credit authority to CDEs, which it
importers with the same option to file U.S.C. 3506(c)(2)(A). Currently, the does through annual allocation rounds.
import-related information through ACE Community Development Financial As part of the award selection process,
that participants in the pilot program Institutions Fund (CDFI Fund), U.S. CDEs are required to prepare and submit
had. Department of the Treasury, is soliciting an Allocation Application, which
For this reason, this document comments concerning the New Markets consists of five key sections: Business
announces the cancellation of the pilot Tax Credit Program (NMTC Program) Strategy; Community Outcomes;
program and Industry Circular 2015–01, Allocation Application. Organization Capacity; Capitalization
effective December 31, 2016. On that Strategy; and Previous Allocations and
DATES: Written comments must be
date, importers who have been Awards. This request for public
received on or before March 10, 2017 to
participating in the pilot program must comment seeks to gather information on
be assured of consideration.
follow TTB’s regulations with regard to the NMTC Allocation Application.
sradovich on DSK3GMQ082PROD with NOTICES

submitting data through ACE for ADDRESSES: Submit your comments via Type of Review: Regular Review.
importation of TTB-regulated email to Robert Ibanez, NMTC Program Affected Public: CDEs applying for
commodities. Importers who have not Manager, CDFI Fund, at nmtc@ allocations of New Markets Tax Credits.
been participating in the pilot program cdfi.treas.gov. Estimated Number of Respondents:
also must follow TTB’s amended FOR FURTHER INFORMATION CONTACT: 310.
regulations to submit required Robert Ibanez, NMTC Program Manager, Estimated Annual Time per
information on paper or electronically. CDFI Fund, U.S. Department of the Respondent: 263.

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2444 Federal Register / Vol. 82, No. 5 / Monday, January 9, 2017 / Notices

Estimated Total Annual Burden 2016, the agencies, under the auspices DATES: Comments must be submitted on
Hours: 81,530. of the Federal Financial Institutions or before February 8, 2017.
Requests for Comments: Comments Examination Council (FFIEC), requested ADDRESSES: Interested parties are
submitted in response to this notice will public comment for 60 days on a invited to submit written comments to
be summarized and/or included in the proposal for a new Consolidated Reports any or all of the agencies. All comments,
request for Office of Management and of Condition and Income for Eligible which should refer to the OMB control
Budget approval. All comments will Small Institutions (FFIEC 051). The number(s), will be shared among the
become a matter of public record and proposed FFIEC 051 is a streamlined agencies.
may be published on the Fund Web site version of the existing Consolidated OCC: Because paper mail in the
at http://www.cdfifund.gov. Comments Reports of Condition and Income for a Washington, DC, area and at the OCC is
are invited on: (a) Whether the Bank with Domestic Offices Only subject to delay, commenters are
collection of information is necessary (FFIEC 041), which was created by (1) encouraged to submit comments by
for the proper performance of the removing certain existing schedules and email, if possible, to prainfo@
functions of the agency, including data items and replacing them with a occ.treas.gov. Comments may be sent to:
whether the information shall have limited number of data items in a new Legislative and Regulatory Activities
practical utility; (b) the accuracy of the supplemental schedule, (2) eliminating Division, Office of the Comptroller of
agency’s estimate of the burden of the certain other existing data items, and (3) the Currency, Attention: ‘‘1557–0081,
collection of information; (c) ways to reducing the reporting frequency of FFIEC 031, 041, and 051,’’ 400 7th
enhance the quality, utility, and clarity certain data items. The FFIEC 051 Street SW., Suite 3E–218, Mail Stop
of the information to be collected; (d) generally would be available to 9W–11, Washington, DC 20219. In
ways to minimize the burden of the institutions with domestic offices only addition, comments may be sent by fax
collection of information on and assets of less than $1 billion, which to (571) 465–4326. You may personally
respondents, including through the use currently file the FFIEC 041. Of the inspect and photocopy comments at the
of technology; and (e) estimates of nearly 6,000 insured depository OCC, 400 7th Street SW., Washington,
capital or start-up costs and costs of institutions, approximately 5,200 would DC 20219. For security reasons, the OCC
operation, maintenance, and purchase be eligible to file the proposed FFIEC requires that visitors make an
of services required to provide appointment to inspect comments. You
051. When compared to the existing
information. may do so by calling (202) 649–6700 or,
FFIEC 041, the proposed FFIEC 051
Authority: 26 U.S.C. 45D; 26 CFR 1. 45D– shows a reduction in the number of for persons who are deaf or hard of
1. pages from 85 to 61. This decrease is the hearing, TTY, (202) 649–5597. Upon
Mary Ann Donovan, result of the removal of approximately arrival, visitors will be required to
Director, Community Development Financial 950 or about 40 percent of the nearly present valid government-issued photo
Institutions Fund. 2,400 data items in the FFIEC 041. Of identification and submit to security
[FR Doc. 2017–00141 Filed 1–6–17; 8:45 am] the data items remaining from the FFIEC screening in order to inspect and
BILLING CODE 4810–70–P 041, the agencies have reduced the photocopy comments.
reporting frequency for approximately All comments received, including
100 data items in the proposed FFIEC attachments and other supporting
DEPARTMENT OF THE TREASURY 051. In addition, the FFIEC and the materials, are part of the public record
agencies requested public comment on and subject to public disclosure. Do not
Office of the Comptroller of the proposed revisions to the FFIEC 041 and include any information in your
Currency the Consolidated Reports of Condition comment or supporting materials that
and Income for a Bank with Domestic you consider confidential or
FEDERAL RESERVE SYSTEM and Foreign Offices (FFIEC 031), which inappropriate for public disclosure.
are currently approved collections of Board: You may submit comments,
FEDERAL DEPOSIT INSURANCE information. The Consolidated Reports which should refer to ‘‘FFIEC 031,
CORPORATION of Condition and Income are commonly FFIEC 041, and FFIEC 051,’’ by any of
referred to as the Call Report. the following methods:
Agency Information Collection • Agency Web site: http://
Activities: Submission for OMB The comment period for the August www.federalreserve.gov. Follow the
Review; Joint Comment Request 2016 notice ended on October 14, 2016. instructions for submitting comments at:
As described in the SUPPLEMENTARY http://www.federalreserve.gov/general
AGENCY: Office of the Comptroller of the INFORMATION section, after considering
Currency (OCC), Treasury; Board of info/foia/ProposedRegs.cfm.
the comments received on the • Federal eRulemaking Portal: http://
Governors of the Federal Reserve proposals, the FFIEC and the agencies
System (Board); and Federal Deposit www.regulations.gov. Follow the
will proceed with the implementation of instructions for submitting comments.
Insurance Corporation (FDIC). the proposed FFIEC 051, along with the
ACTION: Joint notice and request for
• Email: regs.comments@
proposed reporting revisions to the federalreserve.gov. Include the reporting
comment. FFIEC 041 and FFIEC 031, with some form numbers in the subject line of the
SUMMARY: In accordance with the modifications to the proposals for all message.
requirements of the Paperwork three versions of the Call Report. With • Fax: (202) 452–3819 or (202) 452–
Reduction Act (PRA) of 1995, the OCC, OMB approval, the proposed FFIEC 051 3102.
sradovich on DSK3GMQ082PROD with NOTICES

the Board, and the FDIC (the and the proposed reporting changes to • Mail: Robert DeV. Frierson,
‘‘agencies’’) may not conduct or the existing FFIEC 031 and FFIEC 041 Secretary, Board of Governors of the
sponsor, and the respondent is not would become effective as of March 31, Federal Reserve System, 20th Street and
required to respond to, an information 2017. Constitution Avenue NW., Washington,
collection unless it displays a currently The agencies also are giving notice DC 20551.
valid Office of Management and Budget that they have sent the collection to All public comments are available
(OMB) control number. On August 15, OMB for review. from the Board’s Web site at

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Document Created: 2018-10-24 11:10:17
Document Modified: 2018-10-24 11:10:17

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
Dates		Written comments must be received on or before March 10, 2017 to be assured of consideration.
Contact		Robert Ibanez, NMTC Program Manager, CDFI Fund, U.S. Department of the Treasury, 1500 Pennsylvania Avenue NW., Washington, DC 20220. The NMTC Allocation Application may be obtained from the CDFI Fund's Web site at http://www.cdfifund.gov/nmtc. Other information regarding the CDFI Fund and its programs may be obtained through the CDFI Fund's Web site at http://www.cdfifund.gov.
FR Citation		82 FR 2443

82 FR 2443 - Notice and Request for Public Comment

DEPARTMENT OF THE TREASURYCommunity Development Financial Institutions Fund

Federal Register Volume 82, Issue 5 (January 9, 2017)

DEPARTMENT OF THE TREASURY
Community Development Financial Institutions Fund